With 96% of votes in favor, the shareholders have given “their overwhelming support to the capital increase needed to extend our offer to Banco Sabadell shareholders,” BBVA Chair Carlos Torres Vila said.

The capital increase is a crucial component of the proposal made to Banco Sabadell shareholders and has marked a significant accomplishment. At the extraordinary shareholders meeting, the quorum reached historic highs of 70.75%.

For all parties involved, this combination is advantageous and high returns on investment will be obtained by BBVA stockholders with minimal capital consumption.

The merger will provide Banco Sabadell stockholders a 16 %interest in the bank along with a very attractive premium.

In addition, BBVA’s shareholder distribution strategy, which calls for payouts of 40 to 50% of earnings and the bank’s pledge to disperse any excess capital above 12%, will be advantageous to all.

BBVA Chair Carlos Torres Vila said: “We are fully confident in the success of this transaction, which represents a clear commitment to Spain and its SMEs. The combination with Banco Sabadell will create a stronger, more profitable bank with greater capacity to support families and businesses in their projects for the future.”

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Customers will also be able to choose from a wider selection of products, and staff members will have greater chances for career advancement.

With an extra €5bn in loans to households and enterprises annually, the resulting bank will be better able to provide credit, advancing the economic well-being of Spanish society.

Additionally, there would be a higher tax contribution.

He further added: “With this transaction we are increasing our commitment to the regions with the strongest presence. We will retain the corporate center in Sant Cugat, while reinforcing our support to the scientific, business, and cultural sectors in those regions. We are confident that this offer reflects a sound and compelling strategic rationale, with a positive impact on all our stakeholders. For that reason, BBVA has wanted to give Banco Sabadell shareholders the power to choose, which they will be able to do once the acceptance period opens. We expect them to appreciate the strategic sense of this transaction and decide to participate with us in this great project for the future.”

In his speech Vila highlighted BBVA’s success story, highlighting its franchises, profitability in markets, pioneering digitisation strategy, and unique growth and profitability compared to European competitors.

Moreover, BBVA is strengthening its position in Spain, an attractive investment market with good economic prospects and high profitability for the banking sector.

The transaction with Banco Sabadell represents a great opportunity to strengthen its commitment to SMEs. BBVA has increased its customer base by 10% YoY in the first four months of the year and aims to build the best possible bank for these businesses.

BBVA intends to merge Banco Sabadell with BBVA after purchasing a stake of 50.01% or more, subject to regulatory permission and shareholder support.